UPDATE: BMO Capital Starts ServiceNow (NOW) at Market Perform
- Wall Street dips on Trump protectionism, Qualcomm drag
- Yahoo! (YHOO) Tops Q4 EPS by 4c; Sees Verizon Deal Closing in Q2, Not Q1
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- After-Hours Stock Movers 1/23: (REXX) (MRCY) (SYNC) Higher; (FSM) (OCUL) (CASC) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Updated - September 20, 2016 8:51 AM EDT)
BMO Capital initiated coverage on ServiceNow (NYSE: NOW) with a Market Perform rating and a price target of $85. Analyst Keith Bachman sees challenges.
"We believe that ServiceNow will have challenges sustaining growth in the IT service management (ITSM) market due to the small market size and increasing competition. In contrast, we believe ServiceNow will generate solid growth in new product areas and leverage its existing customer relationships to grow revenue per customer. However, since we think ITSM likely represents around 75% of subscription revenues, we choose to sit on the sidelines," said the analyst.
Shares of ServiceNow closed at $75.99 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: BMO Capital Upgrades Williams Partners LP (WPZ) to Outperform
- Seaport Global Securities Downgrades FMC Corp. (FMC) to Neutral
- Halliburton (HAL) PT Raised to $65 at Evercore ISI
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesBMO Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!